Loyal employees are one of the most important assets that any business can have. When your employees are loyal, it saves you huge amounts of time and money on hiring new people. It also creates a more cohesive workplace, where everyone has worked together for a while and understands how to keep things ticking along. If you want loyal employees, you need to give them a reason to remain loyal to your company. One way to do this is by showing your appreciation on a regular basis, and recognising their contributions. So how do you reward your employees for their years of service?

Offer Additional Benefits

The accumulation of additional benefits can be a big draw for many people looking for the right employer. If they know that they benefit more the longer they work for you, they can be a lot more likely to stick around. For example, employees who have worked for you longer might receive more holidays than those who are new to the company. Or they might earn some special privileges, such as better parking or more flexible working after they have been with your company for a certain amount of time.

Set Up a Rewards Programme

An employee rewards programme can be a way for employees to earn rewards throughout their time with you. They don’t necessarily have to wait until something big happens, such as the end of a project or their anniversary with the company. They could earn points or something similar, whether just over time or based on their actions. Those points could then be redeemed on a variety of perks that are available to them, or perhaps even cashed in for a bonus or vouchers to spend, or certain benefits. This shows employees that they’re being rewarded and recognised all the time.

Recognise Work Anniversaries

We’ve all seen those stories of long-term employees receiving nothing more than a bunch of flowers for working at the same company for decades, and even then, it’s usually their colleagues that arrange it, not their boss. If you want to be a better employer, there are many ways to recognise work anniversaries. Small ones could be acknowledged with small but personal gifts, such as branded notebooks or the employees’ favourite chocolates. Larger anniversaries (perhaps every five or ten years) are deserving of something more. You could consider extra bonuses, time off, or even something like a paid-for holiday for your most loyal employees.

Pay Bonuses

Of course, what many employees want to recognise their loyalty to the company is a bonus, or a pay rise (or preferably both). Perks and benefits are great, but people also want monetary rewards for the hard work they do and their loyalty to their employer. Having guaranteed bonuses based on years of work, not performance, can be a great way to keep existing employees and attract new employees too.

Reward your employees for their loyalty to show them your appreciation for all of their hard work, and they’ll stay for even longer.